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DoF passes 245 loans worth AED 3 bn for real estate sector
(24 December 2012)


The Abu Dhabi Department of Finance’s Commercial Buildings Finance Committee has approved 245 loans for funding commercial buildings allocated for citizens at a total cost of more than AED 3 billion.

The Committee took the resolution in line with instructions given by President His Highness Sheikh Khalifa bin Zayed Al Nahyan and follow up of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council, to secure real estate finance to citizens who own commercial and investment lands and wish to build them but faced difficulties to get adequate finance. The move will help citizens to have stable revenues from revenues of these facilities.

Of the total 245 finance facilities, 133 were allocated for demolishing and rebuilding residential investment towers and villas, 103 for building new buildings and 9 for building annexes to buildings.

Hamad Al Hur Al Suwaidi, Chairman of the Finance Department, said finance plays a vital role in economic life for having positive impact on other sectors.

The finance, he added, would push the urban development forward towards the Abu Dhabi government vision and strategy, provide proper government finance to stimulate the real estate sector towards positive trends and help it to flourish and prosper so as to boost the macro-economy.

He added that the government sees that this finance facility would encourage real estate investment and supply the real estate market with new high quality buildings in consistence the Emirate’s urban development.

In 2005, the government of Abu Dhabi issued the commercial buildings finance law to help landowners get funds for real estate developments.

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